Salient to Investors:

The S&Ps 500 Index is closer to a record than any other major stock market.

Laszlo Birinyi expects more gains as bearish investors give up excuses of no volume and the belief that earnings aren’t going to be good, and start buying.  Birinyi is surprised by the market’s strength and breadth.

Byron Wien at Blackstone said everybody knows that stocks should go higher, but say this time is different as there are so many problems.

Mark Luschini at Janney Montgomery Scott 2007 levels would indicate a bubble if we got there soon with no change in data flow or prospects, but wouldn’t if it took 12 to 18 months on a stabilizing Europe and China.

68 stocks have been replaced in the S&P 500 since 2009 following takeovers, declines in market value, corporate restructurings and bankruptcies, including GM and Black & Decker.

The S&P 500 is trading 13 percent below its average valuation since the 1950s and its P/E has fallen since 2009.

James McDonald at Northern Trust said the U.S. has recovered better than the other markets because its financial system and companies have restructured and responded first – likes the U.S. market the best.

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